Friday, June 01, 2018

Friday Watch

Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 77.0 +.25 basis point
  • Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 71.02 -.02%.
  • FTSE 100 futures +.20%.
  • S&P 500 futures +.15%.
  • NASDAQ 100 futures +.12%.
Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:
  • (ANF)/-.77
  • (BIG)/1.18
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Change in Non-Farm Payrolls for May is estimated at 190K versus 164K in April.
  • The Unemployment Rate for May is estimated at 3.9% versus 3.9% in April.
  • Average Hourly Earnings MoM for May is estimated to rise +.2% versus a +.1% gain in April.
10:00 am EST
  • Construction Spending MoM for April is estimated to rise +.8% versus a -1.7% decline in March. 
  • ISM Manufacturing for May is estimated to rise to 58.2 versus 57.3 in April.
  • ISM Prices Paid for May is estimated to fall to 78.0 versus 79.3 in April.
Afternoon:
  • Wards Total Vehicle Sales for May is estimated to fall to 16.7M versus 17.07M in April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI/GDP reports, China Manufacturing PMI report, ASCO 2018, (F) May sales conference call and the (MXIM) business update could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.

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